Aug 18 2006
Schnitzer Steel Industries, Inc. announced today it has reached a definitive agreement to acquire the assets of Max Cohen and Sons, dba Advanced Recycling, a metals recycler with four processing facilities located in New Hampshire. Advanced Recycling handles approximately 250,000 tons of ferrous scrap metal and 25 million pounds of non-ferrous scrap metal annually. Terms of the agreement were not disclosed.
"This acquisition is consistent with our strategy of expanding our presence in New England and leveraging the infrastructure investments we have been making at our facilities in the area," said John Carter, Schnitzer's President and Chief Executive Officer. "The Cohen family and Schnitzer together have a long history of experience in the recycling business and this acquisition furthers Schnitzer's dedication to customer satisfaction, protection of the environment and the promotion of recycling throughout the New England region."
Schnitzer also announced that upon completion of the acquisition it has designated Steven Cohen, President of Advanced Recycling, as Director of its Northern New England operations.
"I am honored by the faith that Schnitzer has shown in our team. This will be the fulfillment of the dream my grandfather had when he started the business over 75 years ago," said Cohen. "Our first task is to insure that our suppliers and vendors, old and new, are welcomed into our new business."
The acquisition is expected to close in approximately 90 to 120 days.